we're counting down to the market opens in tokyo and seoul, korea. paul: the first made a tory is price stability. as you say that prices stabilize, then probably the inflation rate may go down. we may have that option also. paul: our exclusive with the be ok governor. china's daily covid cases are at a record high. plus malaysia's new prime minister to test his leadership

with a confidence vote. finally taking office that he has been touted for since the 1990's. >> we have the open of the aussie markets. futures had been indicating we would move higher for a fourth straight day so we will see a staggered start how we move throughout the session. in the bond space, we are seeing an appreciation reflected particularly after the european session where traders are trimming their bets of a high from the ecb. that is also reflecting on the moves in the aussie dollar because we are holding around that weekly high with the expectation specifically of the fed after the release of the fomc minutes earlier this week. we are also keeping an eye on the kiwi dollar. that's on track for its best

weekly gain against the -- greenback. we are seeing more positivity coming through even though we should note that globally stocks are hovering around the high from mid-september. then the opening of wti as well. we are still assessing the european price cap on russian crude. paul: we heard from the bank of korea governor. an exclusive interview, he discusses global push to curb inflation. >> we have to see several factors. first the decision of the fomc in december. also how the oil price will change after the price ceiling debate goes on. then how the china covid will evolve. domestically, you have to also see the progress of our unfortunate and unnecessary

credit crunch in the short-term money market. considering all these factors, we decide to maintain our flexibility and think about our next move probably in january because we do not have a meeting in december. >> how important is what the fed does? the fact that the fed has been signaling that we are looking at 50 and now the latest minutes show it is clearly a debate and looks more like they might just do this. how much easier was it for you? was that a factor in deciding a week ago from 50 to 25? >> you can see how much the exchange rate in korea and other countries has stabilized. that eased the pressure in our market and it gives more room for me, for us to have different

options. it's a good sign. >> with the be ok -- bank of korea governor speaking with kathleen hays. the fed minutes may be signaling the narrative is changing about slowing down the pace of hikes. following what's going on in china as well, we will get those updated numbers coming up in a few hours. let's bring in our executive editor for asian markets. the narrative seems to be changing from central banks globally that maybe it's time to start hitting the pause button right now. are the tides turning? >> what is really interesting is that everyone is watching the fed. looking for an indication that the fed can start to slow down a

little bit which will take the pressure off of the other country ash currencies around the world. and allow them to slow the pace of their hikes as well. that would be seen as a good thing. the flipside is that nobody in the rest of the world wants u.s. inflation to get out of hand because they know that would be a worse consequences so the fed has to make sure it fulfills the inflation mandate and if that means they continue hiking for longer or more aggressively again, then so be it for the rest of the world having to follow. there is that narrative that heading into next year, we could see a moderation in the pace of hiking everywhere. >> we have u.s. markets closed for thanksgiving. no lead in from the u.s., what are markets watching today to drive them? >> good question. maybe the individual narratives

and stories will come into play a little bit more for us today we will be focusing a lot on malaysia to see how the markets perform on the second day after we got the new government. my team has been following an interesting story in vietnam where the property developers are under immense pressure. that might give us a chance to pay more attention to that one as well. then on a more macro level, continuing to watch wherever the dollar can continue to weaken into the weekend. if oil and gas remain under pressure, that is a good news for a lot of the countries in our region that are importers of energy that will take a bit of the inflationary pressure off of them as well. >> where you are, there are now sites of makeshift tents, camps popping up in the capital.

what is going on? >> we have inflict -- infection numbers that are high. beijing authorities are making plans for things to get worse just in case. it doesn't mean it necessarily will, but obviously the potential for the infection numbers to go even higher for serious cases to go higher. we have another reported death in the capital yesterday as well. authorities are making sure they are ready for that. they already did announce a makeshift hospital being opened on the edge of the city yesterday. the plan right now or the way they are prosecuting covid zero is that anyone who test positive is taken to a hospital and anyone who is a close contact who lives with that person will be taken to a central quarantine which is what these facilities will be used for. paul: we got a strong signal

from the state council that a rrr cut is on the weight. realistically, is that going to be enough to support china's economy in the months ahead? >> i think it will certainly help. is it going to overcome the issues that have been put up by covid and the way covid zero is being prosecuted? probably not. it's not going to get people to go out and spend if they are locked in their apartments but we also have a big issue with the property market. there are lots of developers in need of financing. you saw in addition to the mention of the rrr cut, also mentioning they want banks to make short credit companies that credit is available. that will help. there's a lot of pressure on policymakers to do what they can to help this economy which is struggling. that is part and parcel of what they're trying to get done.

>> we have seen this china rally hit this gives on the back of this. can investors stay bullish in this market if we continue to see these record numbers of cases? >> there is a complete bifurcation where the expectation is down the line 612 months, we will move toward or move away from the zero covid policies. to start open up again. the markets will start rising that in now. -- they will not start pricing that in now. it's going to be a slow process, there's going to be a winter before we start open up again. for china to play those two themes off of each other, i suspect the markets want to hang in because stocks are so cheap right now even after the recent rally, this is a good recovery trade and you want to be in early, you don't want to wait until we are already there because you would have missed

most of the action. paul: let's get a check of the first word news. plenty of central-bank news at the moment. the latest ecb minutes showing officials want a smaller 50 basis point hike to combat inflation. those wanting a lesser move pointed to adjustments to terms of the cheap financing for banks. one ecb executive board member warned that it may be too soon to scale back rate hikes. talks on the g7 proposal to cap russian oil prices were delayed past thursday as diplomats continue background negotiations. : says the recommended $65 per barrel is being too soft on moscow. greece does not want to go below $70. $65 is above production costs for russia.

clients are fleeing credit suisse to ubs. the bank is said to be planning to reallocate staff to handle the expanding accounts. malaysia's new prime minister will test lawmaker support for his leadership with confidence vote december 19. he seeks to prove that he does command the parliamentary majority. he was sworn in by the malaysian king cobbling together a unity government with the coalition. the monarch intervened after no alliance secured a majority in the election. >> we will have more from what's next for malaysia under the new prime minister. we have a guest joining us live with his views but up next,

market strategy with representative from tribeca investment partners. why she is more positive when it comes to chinese equities. this is bloomberg. ♪

>> the first mandatory is price stability. as well as inflation is above 5%, we may need to continue. if the fed pauses and exchange rates stabilize, then probably are inflation rate may go down then we might have that option also. >> that was the bank of korea governor speaking exclusively to bloomberg television earlier. let's bring in our guest a portfolio manager at tribeca investors.

the bank of korea governor outlined a number of metro events he would like to see come under control. ending the war in ukraine, what the fomc does, the price of oil. is it fair to say that other banks are at the behest of macro events? >> none of the central banks can say for certain what might eventuate just a given the rate rise and uncertainties in the world. they can do their best guess and see how they go. even how quickly the interest rate is escalating across larger economy like the u.s., the other emerging markets have to wait and see and take a more cautious stance. paul: there is still a lot of tightening to come. is it still early to move into equities or have we found a floor? >> in terms of equities, we are still going to a technical rebound. australian markets up something

like 11% since july the beginning of the financial year. commodities are doing well and inflation hedge and things. it's really just a technical balance given how much is being sold off under uncertainty. if you look at the corporate earnings in things, they are still holding up well. in the u.s., we have a couple of downgrades but a lot of it is to do with overstocked inventory and did need to clear those. probably is coming absolutely the slowdown is coming but the actual underlining fundamental is strong for the global economy. it's a little bit of wait and see for the central banks to see how the fed might work out. >> it seems like it is wait and see under those two pivots. if the fed is going to pause and eventually pivot and if china eventually exits under covid

zero. you are looking more optimistically at china. >> yes most of the global economy going to slowdown in the next 12 months. the economies like the u.s., europe, and u.k. even australia we are going to slowdown somewhat simply because we have a strong reopening and now we are heading into a more consolidating level. if you look across the chinese economy, it has been on pause for the last 12 months if not more. the strict covid zero policy has really meant that consumers are able to move around and what's been announced the stimulus has not had an effective impact on the economy. we believe we will see softening. yes, we are heading into winter

and the cases will rise. over the next 12 months, things will get better. we have seen this playbook before across other economies, is just going to take longer. >> are you saying that china can outperform the rest of the world in 2023 if the rest of the world is seeing that recession risk, the slowdown risk? how do you position around that story? >> we think that china will perform better in 2023. share prices always look forward . they are trying to look forward 12-18 months. it the earnings are going to recover, share prices will start rallying ahead of this. we think we will begin to see outperformance very soon in the coming quarters as the global economy is hitting the weaker numbers. march quarter is going to be week for many global economies because we start having the

impact of higher interest rates on consumer. we start having the layoff across labor markets coming through. march quarter is going to be tough for the u.s. market and other developed economies. ? we're seeing china being put to the test with this pivot uncovered policy. do you feel that supply chain risk might be creeping back into the picture? >> my view is it is not. let's talk about this pivot risk. i don't think that china is going to have short pivot to suddenly change their mind about covid dear -- covid zero policy. it's the economy that is managed. when the government starts talking about focusing on economic outlook, growth, economy, this is their way of pivoting. we are hearing more this now. even in terms of the response,

it is more targeted instead of complete lockdown. we think it's very encouraging and it's coming through. >> he said there are plenty of opportunities to invest. i wonder what your strategy is? long? short? what are you leaning towards? >> we see opportunities across different sectors. we are active investors. a few months ago or even now, as the global economy growth is slowing down, this is when you start adding quality and adding the defensive growth quality business into the portfolio. to be more sustainable in terms of the earnings. this is a time to be more cautious about what consumer sectors are going to do even that this christmas might still be ok.

paul: thank you so much for joining us. you can get a roundup of the stories you need to know to get your day going in today's edition of daybreak. it is also available on mobile and the bloomberg anywhere app. this is bloomberg. ♪

>> happy thanksgiving for those folks in the u.s., i hope you got your second or third round of turkey. it looks like the bears are less in control today. bitcoin back close to the 16,600 level. a bounce in solana. finance ceo has told us about his plan to backstop the crypto

industry that has been shaken by the collapse of ftx. he said he has planned at least $1 billion for buying distressed assets. >> thinking about setting aside $1 billion first then that's not enough, we can allocate more. if that's too much, we are roughly angling for six months. hopefully if that's not enough the industry would have recovered i then and there unused funds hopefully we can withdraw back. >> will you bid for ftx assets and what looks attractive now? >> we definitely want to look at those assets when they come through the liquidation court. we want to engage directly with ftx, but if we find out based on bloomberg reports there are

potential investigations going on, so we said hands off. they are investing a number of different projects. some of them are ok, some of them are bad. there are certain assets that may be salvageable and of interest. we will look through that when they become available. >> we know that you look to ftx books. what did you see? was there misuse of customer funds? >> to be honest, very quickly there were a lot of funds missing to the tune of double-digit billings. i couldn't trust any of the information. it was a virtual data room a cloud drive. i couldn't trust any of the information so i don't believe any of the information we got was accurate or precise. paul: that was a finance ceo speaking exclusively to bloomberg. a group of china's evergrande

creditors are said to be asking the chairman to inject at least $2 billion of his personal wealth into the customer -- company. it is among the creditors conditions before they agree to a restructuring proposal. china's megabanks have pledged financing support of $129 billion to property developers as part of a push to ease turmoil in the wreath -- real estate market. the credit will be made available to at least 12 developers not including sunak or evergrande. at a time when twitter faces increased reglet tory scrutiny, and his last it's lost employees in brussels. the office of six employees was cut to two after layoffs and the

two remaining left. companies will mark -- amazon warehouse workers will mark black friday with walkouts and strikes. amazon says it takes its role seriously on what it calls these important matters. plenty more to come on daybreak asia. we will have markets opening in japan and korea at the top of the hour. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data

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you are looking at live pictures of tokyo as we receive the cpi numbers for the month of november. cpi year for your own tokyo coming in harder than expected. the survey was for 3.6% increase. those numbers continue to indicate that inflation is now a thing in japan. we have the yen continuing to strengthen against dollars. japan nikkei futures trading out of singapore coming on line as well. stronger than expected cpi numbers for tokyo out of november, 3.8% on year giving the bank of japan more things to think about.

>> it's interesting because the dollar yen is 1.38. it makes you wonder what's going to happen when coronavirus ends. 3.6% for core inflation in tokyo is the 40 year high, it's the highest we have seen since 1982. let's move back to our big interview of the day, the bank of korea says its terminal rate might be 3.5%. the governor told us the board is closely watching the credit markets. >> we do not have a wide range credit crunch at this moment. our banking sector and other financial markets are looking fine and some segments that heavily rely on the u.s. sector

especially the so-called project financing short-term money markets have some difficulties. i thought that the difficulties might come the beginning of the next year or the middle of next year once the interest rate increases enough because of the dependence. the housing prices go down everywhere. but certainly there is a saga that one local government -- a high-quality project. that deteriorated investors confidence in this market -- in the real estate market. i think there is excessive sensitivity and investor confidence has changed at the moment. this is also at the end of the year, many institutions books are closing.

now at this moment, all of the markets seem to improve except for the short-term cp market. yet to take time. given that this is the end of the year, there's a lot of demand for liquidity. this market is a small segmented market but it will take time to mend them. i think next year when we provide more in the sector, this problem can be solved. >> speaking of more liquidity, a big move up in three-month, 180 basis points and commercial paper rates are not rising as fast. anything that bank of korea and government have done so far have not commenced people.

they are still continuing to rise. do you need to do more? >> i wouldn't be surprised, they are not coming down because given we are still increasingly interest-rate, i expected to continue to go up. the spread is big and that depends on the perception of the investors. the risk perception, if you look at our delinquency rate of the loans, still it is very low. people's perception is the price will go down in the future because of interest rates than one event will shakeup the confidence. i don't mean that it's easy or that the housing prices will go down for everywhere, but what i'm saying is there is overreaction and that's where we are focused. >> that was the bok governor speaking exclusively to

kathleen. foxconn has begun offering $1400 to any workers who choose to leave the factory in a chinese city. it is intended to appease disgruntled new hires who played a central role in wednesday's violent protests. many of the 200,000 plus workers come from elsewhere in china. the payout exceeds one month's wages for the blue-collar staff. a president will travel to beijing to meet with the chinese president. truck drivers and south korea are on strike for the second time in less than a year in the latest blow to mobile supply chains. the strike again at 16 sites and it plans to block all ports in the country.

jp morgan trace -- j.p. morgan chase and deutsche bank are being sued for turning a blind eye to jeffrey epstein's activities. they threaten to return the spotlight to the nature of wall street's links to epstein. paul: still to come, malaysia's leader is set to test his leadership with a confidence vote. this is bloomberg. ♪

>> we will have to talk about the future. a new economic agenda focusing on the real fundamentals including -- not to focus on the activities and the interest of the big conglomerates. so there is achievable policy. parks that is malaysians new prime minister speaking at a bloomberg interview a one week before the elections. he says he plans to test

lawmakers support for his leadership with a confidence vote december 19. he seeks to prove that he does command a parliamentary majority. finally, after a week of political deadlock. >> the almost man of militia politics realizing his dream at age 75 and telling the press his grandson asked him how long it took to become prime minister and he said only 24 years. this has been a week of lyrical deadlock and we had to see the king intervene in order to form this. he has announced a public holiday on monday and said he plans to test lawmakers for their support on the vote on

december 19. this comes after the former premier who was also trying to form a government challenged him to prove he has the majority support of policymakers. claiming that he had signed declarations of 115 lawmakers and 112 were needed to form a government. we have seen such a week of lyrical deadlock after malaysians first after -- first ever hung parliament. finally achieving his dream. >> it took almost three decades. the markets cheered the king's decision. how much of a honeymoon time do you think he has with investors? >> exactly, we also have to see this vote of confidence and also he is going to table the budget in december as well. there are a lot of sticking points for malaysians economy. it's rebounded from the pandemic and we have seen impressive growth in the last quarter but

there are still a lot of concerns about the cost of living. when it comes to the rebound you saw in the markets, we saw stocks rise because it's going to be a more reformist government than was thought earlier in the week. those gambling tobacco stocks rebounding. the best day for the stock market in two years, one having its best date since 2016. a lot of challenges for growth. >> stick around, let's bring in our next guest. the headlines are also grand. from prison to the prime minister's office, this is certainly his moment. do you think he will survive this confidence vote? >> thank you he is been waiting

for this for a long time. the fact that he managed to convince his archrival that he is serious about it, i think he will survive the vote of no-confidence because this is a moment for militia and the king had mentioned that there is still instability after this. the most important thing is for the budget of 2023 to be tabled successfully. for him to prove that he is as good as what he is claimed to be for the past two decades. coming up with the government of the coalition is also a very difficult task. a lot of his partners are from the other side of the fence. the word is optimistic on the ground and people are happy that he finally got into the position of prime minister but it's time for him to deliver and expectations are high here in malaysia. >> talk about that, given the

challenges. the need to form partnerships to reach the majority seems like this coalition government was formed cobbled together in the last minute. what sort of mandate does he have to deliver on the campaign pledges? >> are ideological differences between them. the important thing is for him to find a middle ground and get the boast of both parties and to push toward a narrative of development. it's about getting the work done and more importantly the instability we will have a 2023. the rising cost of living, the quality of jobs we are getting as well as the investments coming and whether they are high-quality or not.

perhaps the reason why they came together is because they have agreed that this is the best thing they have now instead of aligning with the more islamist past. it is a consensus and i believe there will be able to sort things out for at least a good six month ahead. >> we did see the rise of a pro-islamist party that is mentioned hardline sharia law. how hard would be to get this in-line government when you have opposition in parliament? ask simply because the other option is not radical but more extreme. it would be more difficult to align interest especially when the other party has a different view of how things are. these will be asked as well.

we're are seeing a lot of signs that racial tensions are overly happening on the ground. the only way forward is to get all the moderate views to come together and it's a good way, it's a good thing they managed to come together their allies. in terms of making sure they are able to prove they are the better ones more religious minded, believe that the first thing they will have to handle is the economy challenges that we have in malaysia because a lot of unhappiness is coming from the rising cost of living and the fact that people are not living up to the standards expected by what economists -- a lot of people are resorting to race and religion as a convenient narrative for them to express their dissatisfaction.

this has convinced a lot of young voters to be going on the right wing side instead of more progressive values. it's important for them to deliver on their promise especially when we are talking about the economy uncertainties in 2023. >> a lot more young voters having to the polls with the voting age lowered. we saw in 2018 the alliance collapse then he came back into power, is it likely we could see something like this when you have a government cobbled together by the king at the last minute? ask it's possible but it's difficult to see that happening especially since we have the entire -- in place now. any betrayals from this coalition would require the full party to act in unison not just individual party members. because of that, negotiations were have to include everyone in the party and it is definitely

more difficult to prevents -- to commence people. i believe he wants to make sure everyone is happy with the coalition which is the most difficult part of running this government simply because they have never worked together at the federal level before. more importantly, he mentioned he is open to having a unity government that will also include -- i can see that is something with a good possibility of happening but if it would happen, it would give a good chance to him and all the structural and reform agenda he's been talking about for the past 20 years because that would mean he would have a two thirds majority as well as a position to counter the narrative of reform. the most important thing is for him to be able to show he's going to be able to survive the vote of confidence as well as tabling the budget in december. >> you mentioned race which has

been simmering in indonesian politics for quite some time. what does this mean for the ethnic chinese and indian communities and how does he balance that against the demands of his coalition partners? >> it is big especially in the spirit of multiculturalism. malaysians are all treated as one instead of looking through a racial lens. we have to bear in mind the coalition government consists of malay based party as well as a chinese based party. we also have to bear in mind that the majority of them -- i also want to mention that in light of the spirit of multiculturalism, he is aware of

the malay rights in the constitution and he will be sure to protect these rights as provided in the constitution but at the same time he aims to be fair and equitable to all other races as well. this is a fine line that is basically put himself in the good books of them but it remains to be seen if you will be able to carry it well. >> how do you see this being read by the international unity? >> good relationships with foreign countries. we are seeing calls from indonesia, turkey, and it is spreading good messages by china particularly. i think he will take a position that is friendly to foreign nations and focusing a lot more on what will be the high-quality investments he could bring in because the idea is to make sure that malaysians will have better

jobs with better wages. the key is to make sure he remains friends with everyone and making sure that malaysia is of the best bargains. for it to be foreign countries friendly in malaysia very open as well. >> thank you so much for joining us. what a week for you covering malaysian politics. we're are counting down to the confidence vote december 19. ppr prices out of japan, we are seeing a 1.8% for the month of october. analyst estimate was 2.1%. ppi prices going down going back to the lows that we saw back in march. plenty more to come on daybreak asia. this is bloomberg. ♪

>> sky news reports standard chartered is searching for the cfos replacement. it also says replacing him would mean bill winters could continue as ceo.

the u.s. federal trade commission is set to file an antitrust suit to block microsoft's takeover of activision blizzard. the suit could be filed next month. the spokesman for microsoft says the company is ready to address the concerns. paul: we are a few minutes away from the open in korea and japan. what are you watching? >> taking a look at the inflation numbers that came out from tokyo earlier. inflation accelerating in the capital at its fastest pace in 40 years. that tells us it's a leading indicator we are set to see inflation pressures accelerating across the country later this month. in terms of economic outlook,

bloomberg economics has no note out this morning saying inflation is going to be something weighing on the growth picture as we head into next year. you can add to that the expectation that is building for a u.s. recession that will dampen the outlook exports. what that means for the bank of japan is that it's likely to keep its easy policy settings in place. to look at the flipside, what has been interesting is we are continuing to see more buying into japanese stocks off of these easy policy settings from the boj. weak yen that feeds into this. data just released in the last few minutes telling us that foreigners have been buying stocks in japan for four weeks straight. paul: on the subject of stocks, these are the ones we are keeping an eye on when the trading opens in korea and japan. asian apple suppliers might move after foxconn began offering

workers who want to leave the main china plant a severance package of $1400. keep an eye on samsung and others. asian related energy stocks are also going to be in focus. diplomats still locked in negotiations of how a strict price cap on russian oil is going to be. coming up in the next hour, our guests say investors should be cautious as the fed will be. looking ahead to taiwan elections, what the vote could mean for u.s. china tensions. the market opens in korea and tokyo in a few minutes. this is bloomberg. ♪

host: --haidi: this is daybreak: asia. beijing covid cases at 1854. shanghai reporting 86 cases. in the capital, covid intense are popping up, makeshift areas. there is growing concern around covid zero and how they will exit from that. paul: it is a rough ride ahead in terms of policy. difficult questions for central bankers. the bank of korean governor today said how to judge the end of the tightening cycle? so many factors from oil price caps to the fomc decision to covid in china. annabelle: the open of markets

in japan and korea. the start of trading for cash treasuries. note that we can expect as thin trading given it is the thanksgiving holiday in the u.s.. y in terms of today, we keep a close eye on trading in the yen. we are continuing to move below the key psychological 140 level. it is a story of a move towards risk on over the course of the week and the expectation the fed may look to moderate its pace of rate hikes in the months ahead. stocks are coming online. a little flak in the session at the start. we had a tokyo inflation data in the picture. we saw it accelerating to its highest pace in 40 years. bloomberg economics said it could be weighing on the back drop into 2023. paul, you mentioned that the be ok interview. -- the bo interviewk.

for the korean won this morning, more gains. this is down to expectations of what the fed will do and where the bok ends up. the bank of korea governor told us earlier the terminal rate may reach 3.5%. paul: you mentioned that the bank of korea governor is singling -- signaling the end could be near for the country's unprecedented streak of possibly see -- policy tightening. we had an exclusive earlier between the governor and kathleen hays as he discusses the global push to curb inflation. >> there are several factors. first, the decision of the fomc in december. also, how oil prices will change after the price ceiling. then, how chinese covid will evolve. domestically, we see progress of the unfortunate and unnecessary

credit crunch in our short-term money market. considering all of these factors, we decided to maintain our flexibility and think about our next move probably in january because we don't have a meeting in december. kathleen: how important is what the fed does? with that, the fact that the fed has been seeking that, we are going to 50 and then latest minutes show it is clearly a debate. it looks more like they may do this. how easy was set for you deciding we can go from 50 to 25? governor rhee: you can see how much the exchange rate in korea and other companies has stabilized after the simple indication that the fed will slow the pace of interest rate hikes. definitely, that eased pressure in our fx market.

it gave more room for me, for us, to have different options. yvonne: the bok governor speaking to kathleen hays in sold -- in seoul. it is always great to have you. it is not just the bok. the whole week we have talked about the fed. central banks, maybe they now need to downshift in the tightening cycle. are you subscribed to the peak rate inflation narrative now? >> i think inflation is starting to show signs of easily -- easing. that is a good sign. the federal reserve is prepared to step down the rate increase. they were ambiguous in terms of what the terminal rate will be and they flagged the risk of recession. that is what came through the fomc minutes that came out a

couple days ago. so there is still uncertainty, ambiguity, a lack of clarity on what the fed will do. the fed is keeping it set -- it's language very ambiguous at this juncture. the markets will take the cue from employment data and inflation data. i think the coming months will give us a better clue. it may be too early to jump the gun. but initial signs show inflation appears to be slowly rolling over. and, the fed is likely to slow the pace of rate increases. may be, even it will signal at some stage in the first half of this year -- next year it is done with rate hikes for the time being. markets are hopeful of that. i would not be surprised if that happens the first half of next year. yvonne: the bond markets are where the yield curve is showing the inversion. it seems like there is concern of over tightening from the fed. that would basically have to stay short duration until the fed actually does something and

actually pivots, or is there more value now to be put in the fixed income space? vasu: there is clearly value in the fixed income space, especially the investment rate space. there is room for longer duration at this juncture. come the first half of next year, the fed turns more dovish, clearly more dovish. that is a sign that interest rates will start to ease, maybe the second half of next year. in 2024. if we see a recession next year, investment rate bonds, it will be one good year for investors pull to put money into because it provides a recession hedge. i would not ignore bond markets. bond markets have seen good inflows. what the fed said the last few weeks has given good indication to put more money into bonds. paul: even with a downshift signaled from central banks, there is still a fair bit of tightening to come.

do we need to accept we are perhaps entering an era of lower returns for equities? vasu: without a doubt. investors have to come to terms with the fact that returns for equities will not be as strong as in 2020 and 2021. we will not go back to those days. the era of tightening will be there. what came from the fomc minutes is the fed will keep policy restricted possibly for an extended time. the fed could take the terminal rate to 5% and keep it there a while. rate cuts will not take place until may be the end of next year. do not forget, we are seeing quantitative tightening take place at the same time that rates are being increased. it is a double whammy. i think it calls for some degree of caution. a lot of bad news has been priced in. you do not want to be double cautious. -- too cautious. you paul: might miss the boat. what about china?

do you think that bad news has been priced in there? it looks like a bad time coming out of covid. is it too early to re-handle that market? vasu: we have been positive on china for a couple months and we have not been wrong. the china index bottomed in october then rallied more than 30%. we remain positive on china. if you are a long-term investor with a risk appetite and the stomach for extreme volatility, china provides good opportunity. yes, the covid numbers are at a record high but on a per capita basis it is still fairly low worldwide. the numbers now are nothing like what you have seen out of other parts of the world like the u.s. and europe. the start of this year when covid peaks. numbers in china are relatively low. i think the chinese government is intent on helping the economy get back on its feet. you have to be a medium-term investor in china. do not look at the next three months, six months. look at the next two to three years. it will be a volatile bottoming process.

but i think 2023 will be a relatively good year for china. yvonne: that is looking more optimistically. how does the dollar play out in this? i know you are cautious when it comes to em. the reversal in the greenback of late, does that give you confidence that the path of least resistance for the dollar is lower now? vasu: without a doubt. the dxy index is over 7%. when i last looked at my bloomberg terminal, the peak was somewhere in late september, 7%. that's substantial. if the fed slows down the pace of rate increases the dollar could go sideways, moderate. that is good news for the rest of asia. the bank of korea governor highlighted the fact that the weaker dollar has given asia respite. -- a respite. we are positive in asia, not just china, because asian

currencies could benefit if the dollar eases from the upward trajectory. vasu: --yvonne: vasu menon there. annabelle: a huge drop at the ocean for we made, reporting its native token called wemix actively traded on korean exchanges faces delisting. this is coming through facing an investment warning from the digital asset exchange association, a newly formed group in the aftermath of the luna terra collapse. this group reports that the number of coins that wemix is supposed to be in circulation is more than the company reported. that coin is facing delisting. we are seeing a huge slump for the company to weigh -- today,

as well as other companies linked to crypto more generally. another move we are watching his honda. it will be for -- suspending production at one of its plants in early december, cutting production by 70% due to ongoing chip shortages. that is the state of play for automakers in japan. paul: thanks. let's check the first port headlines. malaysia's new prime minister will test a lawmakers support for his leadership with a confidence vote november 19 -- december 19 as he seeks to prove he commands a parliamentary majority. anwar was sworn in thursday night. the monarch intervened after the alliance secured a majority in saturday -- no alliance secured a majority in saturday's general election. a cop on russian oil prices were delayed past thursday as european diplomats continue background negotiations.

poland says the recommended $65 per barrel is too soft on moscow. greece does not want to go by -- below $70. $65 per barrel is still above production cost for russian oil and a discount versus brent crude. foxconn offers $1400 to any workers who choose to leave it iphone factory in the chinese city of chin job intended to. many of the 2000 plus workers of the plant come from elsewhere in china. that exceeds one month's wages for foxconn's blue-collar staff. truck drivers in south korea are on strike for the second time in less than one year. the strike began thursday with protests at 16 sites. union representatives say a plan to block all -- the plan is to block all ports in the country.

hitting industries from autos to petrochemicals. those are the first word headlines. yvonne: ahead, a look at the controversy surrounding the fisa world cup in cut the fisa world cup -- fifa world cup in qatar. first, the covid surge in chinese cities and how authorities are responding there. this is bloomberg.

oge: paul: signs that beijing is bracing for a major battle with covid including make ship -- makeshift camps in the city center. our china editor jean-luc joins us -- john liu joins us.

john: the way that covid zero is prosecuted at the moment is anyone who tests positive is taken to a hospital and anyone that is a close contact of the person, that they live or work with, technically has to be taken to centralized quarantine. that is what we believe some of these facilities will be used for. it is a sign the local government is preparing for the worst. it suggests the government does not see an end to the uptick in infections anytime soon. yvonne: john, the latest when it comes to shinzo province, there are people on the ground trying to diffuse the situation there. you have foxconn offering incentives to get people to leave the city. can we get closer to business as usual there? john: the last we have heard in terms of operations were foxconn

said late wednesday that in the evening that night, operations did return to normal. apple, because the site produces four out of every five of the latest iphones, and because it is so important, it is not surprising apple would have people on the ground there. they are trying to help but the site is owned by foxconn. some of the workers that came to work in their that got involved in some clashes were recruited by the local government. it is questionable how much apple can do to try to resolve whatever disputes are happening on the ground. but, even still, the importance of the site to apple's ability to supply iphones is undeniable. paul: john, we heard from the state council yesterday. clearly, signaling a triple markup is on the way. will that be enough? can we anticipate more support?

j.: -- john: you will see the government try to do as much as it can. more will probably be necessary. the property developers in china are suffering from a need for more financing. in addition, the state council said they want banks to make sure that credit to companies that need it is made available. so that his help on that front. but in terms of covid, the overall direction of travel for the economy, i do not think that nr cut will be a turning point. yvonne: taking a look at what is to come, we are watching things to come on the back of the bok interview. it is thanksgiving break in the u.s.. u.s. futures are higher as we wrap up the trading week in asia. that is a lot to do with the fed suggesting maybe things are turning the tides when it comes

to how aggressive hikes will be. euro futures, a mixed picture slightly in the red when it comes to euros stoxx 50 futures. more to come. this is bloomberg.

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exports. our global business reporter he joins us live from soul. --seoul. heejin: they want to extend the minimum-wage system set to expire at the end of the year. the government says we can't do this, probably, three years more. they are struggling to reach consensus on the matter. the union plan is basically to lock all the ports in the country. they said last night they also blocked the entrance of the three petrochemical complexes in the country. paul: what do we expect the impact on companies to be? how are they preparing? heejin: basically, companies say they have secured some of the raw materials and some components before the strike started yesterday.

but, the problem is some of the companies,, hyundai motor, petrochemical companies, they don't have much space to pile up materials. so, everyone is expecting that this strike will not last more than two weeks. in the previous strike, it lasted just eight days. if it lasts more than two weeks, it will have a huge impact on the plans or complexes. in a worst-case scenario, some people say they may have to shut down plants or suspend some operations. yvonne: in terms of timing, do we know anything about how long the strike will last? paul: well --heejin: well, no one told me how long this will

be lasting. but, some people told me it will probably be less than three or four days. but, you know, i talked to the union of hyundai motor. they said they really hope this strike will not last three or four days. so, they might have more difficulties in securing key components for their automobiles. yvonne: thank you heejin kim. paul: that was heejin kim. a group of china evergrande creditors are asking the chairman to inject at least $2 billion of his own personal wealth into the company. sources tell us that it is among creditor conditions before they a lot -- agreed to restructuring. evergrande is aiming to present a restructuring plan as soon as

the first week of december. chinese megabanks pledged financing support to at least 120 $9 billion to property developers as part of a push to ease turmoil in the national real estate market. the credit lines will be available to at least 12 developers, not including sunak or evergrande. it is part of the regulators 16 point five and to address the liquidity crisis. at a time where twitter faces increased regulatory scrutiny, it lost its last remaining employees in the regulatory hub of brussels. the small office of six employees was cut to two in recent weeks and the remaining members left over the past week. finance ceo told us more about his plan to backstop the crypto industry that has been shaken by the collapse of ftx. speaking exclusively to linda amen, he said he pledged at least $1 billion to buying

distressed assets. >> we are thinking about setting aside a billion dollars first. if that is not enough, we will allocate more. if that is too much, we are roughly angling for six months. if after six months, there are unused funds left and not many projects, hopefully the industry will have recovered by then. if there are still unused funds, we can withdraw it back. that is the rough thinking about it. the proposal will go out with more details today >> might you bid for ftx assets? what would look interesting? >> we definitely want to look at those assets, when they come through liquidation court, i think. originally we wanted to engage directly with ftx. we found out that based on bloomberg reports there are potential investigations going on. so we said, hands off. but, they are -- they invest in a number of different projects. some of them are ok. some of them are bad.

certain assets may be salvageable and of interest. we will look that -- through that when they become available. haslinda: you look through the ftx books. what did you see? was there misuse of customer funds? >> we look at the data. to be honest, very quickly there were a lot of funds missing. to the tune of double-digit billings. i do not trust any of their information. it was a virtual debtor room. i could not trust any of the information. so i do not believe any the infirm -- any of the information we got was accurate or precise. yvonne: that was binance ceo. we are tracking a dollar reversal story as we ended the week with dollar yen below 139. tokyo inflation and numbers at a 40 year high. certainly, that will be a

leading indicator of national prices. the korean won, we are seeing weakness now. the strength we saw post bok seems to be fading. you are seeing aussie and kiwi on offer this morning. take a look at u.s. futures. the u.s. is in holiday for thanksgiving break. things are still higher. nasdaq 100 futures are up about .4%. we have 20 more to come. this is bloomberg. -- plenty more to come. this is bloomberg.

yvonne: this is "bloomberg daybreak: asia." 30 minutes into the trading session for japan and korea, and so for the biggest moves are watching is what is happening in the sovereign debt space, because we are continuing to see a bond yields across the board. a reflection of the tone in markets across the week particularly following the release of fomc meeting minutes that indicated to us officials were open to moderating the pace of rate hikes and adding to that with u.s. markets shut for the thanksgiving holiday. traders trimming bets on the outlook for rate hikes from the ecb. that is one story for us this morning. also watching moves we have got in korea, because we have that the korean it won the weaker, but we have see it -- cnet meeting asian affects. we had an exclusive interview

with the bok governor who told us the terminal rate may top at 3.5%. the earlier hike to 3.25% given signs we are seeing a softness in the economy, consumer confidence is deteriorating. experts dropping and inflation expectations moderating. the cost be lower -- kospi lower. japan is down on three of 1%. we had the inflation data out from tokyo as well. yvonne: yesterday bill ackman making interesting tweets about the hong kong dollar, about how they have a large short on the currency. we said the timing was weird, but maybe not as lonely as we thought. annabelle: that is right. another well-known credit investor has joined the fray, and he is saying this is a smart move. the timing of this is interesting. we do not know the size, betting

the peg will be forced to break on the hong kong dollar or be dismantled. when you bring up this terminal chart, the timing of this is quite interesting, because obviously since may we have seen the hong kong monetary authority intervening multiple times to prop up the currency, buying more hong kong gold. we are seeing the spread on interbank lending rates coming back down to zero. really telling us no true signs of a currency crisis. yvonne: it could be when you have to watch for for some time. thank you with the update. let's take a look at what is going on with first word. latest ecb minutes show officials wanted a smaller rate hike in october to combat record inflation. those favoring a less aggressive move into other measures that came with the high, including adjustments to the terms of financing for banks.

and ecb board member warned in a speech in london it may be too soon to scale back rate hikes. european council president will travel to beijing to meet with china's president. e.u. has been struggling with how to treat china while the u.s. prices for a tougher approach. the u.s. relationship with china has been strained by xi jinping's ties to russia and refusal to condemn the invasion of ukraine. jp morgan chase and deutsche bank are being accused of enabling jeffrey epstein's abuse. alleges that the bank turned a blind eye to the actions for profits. both banks are asking to be certified as a class action and threatened to return the spotlight to the nature of all to las vegas links to abstain. ubs have received significant inflows into his wealth management unit in the last three months from client fleeing credit suisse. sources: bloomberg hundreds of with the it was upside to place their funds with ubs and a key

growth region. the bank is said to be planning reallocation of staff. paul: malaysia's new prime minister says he plans to test lawmaker's support with his leadership with a confidence vote on december 19 as he seeks to prove he commands a parliamentary majority. let's get to juliette saly. finally i later after almost one week of political deadlock. it will be a challenging road ahead. juliette: it is indeed, especially after the former premier, who was also trying to form a government, said he wants anwar to prove he has majority support. sankey has 115 signed declarations of support. we saw the key intervene -- the king intervene and realize

75-year-old dream after a tumultuous career that is included in a prison stint and almost becoming prime minister. the king saying you would like to remind everyone those who won did not win everything and those who lost did not lose everything. it was a couple together decision after neither were able to form a majority, and it brings together the former ruling bloc with abraham -- ib rahim's reformers and some independents. we have seen anwar declare a public holiday. he is asking for the confidence vote on december 19. anwar trying to realize his dream of becoming malaysia's leader for a number of years, telling the crowd after being sworn in that his grandson asked him how long it took him and he quipped only 24 years. yvonne: only, markets certainly

cheering the king's decision. is anwar seen as more of a moderate leader? will that bring stability to malaysian markets now? juliette: that is certainly what is hoped to, and the economy was the key driver for the high voter turnout as well. you have a number of malaysian struggling to meet basic monthly needs. we did see a very strong rebound in the economy in the last couple of quarters coming off those pandemic lows, but there are challenges ahead and anwar plans to table his budget in december. we saw so-called singh socks when it look like more reformist islam pro-malay party could come to power. malaysia having its best day in more than two years and the ring get having its best year since 2016. we are expecting economic growth in 2023 to be below what it was

this year, which was about 7%. paul: juliette saly in singapore as malaysia finally gets its new government. taiwan said to hold local elections on saturday it a voting that could shape the race to replace the island's china at skeptic president. that would happen in a little more than one year' is time. joining us now from taipei to look at potential impacts, chief asia-pacific economist at north texas. the president saying when billy framing these local elections on a referendum on her own china policy, she has promoting peace and civility across the taiwan strait. what would eight dpp win mean for markets? >> we have been expecting dpp to win. it is only recently there are doubts here. i would say what taiwan had in

front of it before the, local elections is a downturn in exports, and that is the same as south korea. so the economy will not help down the road as much as it has. after 2022, i think it has been quite nice. it growth will be above the potential 3%, but 2023 will be tougher, and that is an issue more than anything else. paul: is that more of an issue that relations with china? global headwinds and date cyclical downturn in semiconductors? >> that is it. i would say for china, in a way, it is kind of a given that every partner will be cautious. how has your economic performance been? so far it has been great. down the road it will be less so. you have the downturn in the

semi conductor cycle, export orders are coming down, because some of those export orders. we have to remember they come from the mainland. taiwan whether it is foxconn or others, some of that is being intermediated through taiwan, so taiwan will suffer also because of the china situation with covid in terms of exports. that is a double whammy we will be seeing in the next few months. yvonne: how bad of a downturn are we going to see when it comes to the tech space? we saw what has been going on with korea and the export slumped there. how long will it take taiwanese companies to start unwinding those inventories too? >> the thing in taiwan is that it is slightly different from south korea. we have negative growth already in october, exports the same as south korea, but we do have a company that exports staff that

nobody else can export, and that brings some stability to export growth in taiwan. so in other words, i would expect taiwan exports to do slightly better than south korea down the road. yvonne: i have to go broader here, we just spoke with the boj governor talking about the inflation dynamics, the credit crisis and it joins in this course of fed speakers that perhaps it is time to start dialing back on the rate do you think that asian central banks are close to being done in the tightening cycle? >> will, i think you are absolutely right, we can see asian central banks might not be able to take as many hikes as they thought they could take. bank of korea is the best

example, in this is basically about the corporate credit market, it is about financial fragility. some have less of that. going back to taiwan, they have only done 12.5 basis points. the reason was financial stability. this is a big problem, and i just think looking ahead we will see much less of those big hikes in asia, absolutely. paul: so far one of the standouts in the asia-pacific region is been japan, boj sitting still when it comes to keeping very stimulatory policy in place, but we just had hot tokyo cpi numbers cannot, 3.8% cpi, core inflation, 2.6%. is it just a matter of time before the boj has taken on the tightening bus? >> will, i agree that inflation

is eating up disposable income in japan. inflation and a cheap yen, so i would argue that it is time to move ahead. the reality is that we are stuck not only with negative rates but also with yield curve control, so there are lots of things the boj it needs to do. if you look at rba's example yield curve control is the first thing to go, and hopefully better than the case of the rba, meaning with some announcements so that the market gets ready. the difference though when comparing rba and boj is that indicates a boj, they are exposed to expensive, high-priced egb's, so they will incur losses. it is harder for the boj to move out of this low rate environment. it does need a lot of

preparation. it cannot happen all of a sudden. yvonne: you mentioned lower rates. i am wondering when it comes to china, we are hoping or anticipating some sort of rrr cut in the next couple of days after been at the cabinet meeting. do you wonder if this is going to be the last four the start of more monetary easing in china to try to put up for an growth against what we have been seeing, record number of cases when it comes to covid? >> i would say it is the start. i do not think we cut in a very dramatic way. it does bear more emphasis that china's stock was easing. the many ways in which we are seeing banks being asked to lend to real estate developers, we have seen 160 billion u.s.

dollars equivalent, and that is a lot of money being spent by banks to save developers. the easing is there. the targeted easing i started with the 16 guidelines for the real estate sector, but it is actually now making it possible. banks need liquidity to be able to lend to developers without suffering on other fronts, so i think we will see much more than the first rrr cut. yvonne: thank you for joining us, alisha. coming up, we will look at some of the controversy surrounding the fifa world cup in qatar. human rights watch joins is to discuss this. this is bloomberg. ♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you.

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yvonne: football's fifa world cup in qatar as been surrounded in controversy even before it began be on the up since we've been seeing when it comes to the matches. when it comes to the human rights issue as well. the country's treatment of migrant workers, to anger edits lgbt laws and the status of women, let's look closer at all of this with mickey warden. thank you for joining us. some are saying you cannot really mix politics with sports

and you should not politicize all of this, but is that a fair assessment in this regard? >> i think this is a world cup that was awarded with a cloud of corruption around it, and that is due entirely to fifa's lack of transparency and lack of accountability, and then we have had 12 years of very serious migrant labor abuses that have included wage theft, injuries, and in some cases deaths from migrant workers working in he up to or over 50 degrees celsius. everyone loves the world cup, it is once every four years most watched sports event, but in the case of the qatar world cup it is so laden with horrific human rights abuses, lack of press freedom, lack of lgbt rights and

players protesting. this is completely unprecedented. yvonne: the thing with the one love armbands, that was the latest were fifa told his captains you are going to get a yellow card if you show them, and they have to say they were not doing this. is fifa complicit to all of this? why do you think this governing body is not engaging in solving the problem? >> first of all, as a governing body fifa is not transparent, not accountable, and although they adopted a human rights policy in 2016, they have not been implementing it, so it is a double standard for qatar, which is why the players themselves are objecting and trying to where armbands as a sign of support for lgbt inclusion. i want to be clear about one thing. in 2010 when fifa awarded qatar the right to hold the world cup, even then fifa's constitution

included nondiscrimination as article three, so all alone fifa has had the responsibility to pressure qatar to change its anti-gay laws. that has not happened, and we have seen the consequences, including this month one of qatar's ambassadors gave an interview where he actually said -- described homosexuality as a damage in the mind, so players have a legitimate right to protest being hostages playing at a club where lgbt rights are not protected. paul: qatar has made very few concessions at all since it was controversially awarded this world cup. even backing down on an original pledge allowing beer to be served in stadiums. that is gone as well. have you seen any developments

at all in the past 12 years to give you a sense of encouragement? >> on the beer, the beer was always going to be served outside the stadiums. what happened is that tears were not allowed to be served outside of the stadiums. that is a contractual matter for budweiser to take up with fifa, but i think that points to a broader problem of qatar promising one thing and delivering another. under a forced labor complaint from the ilo brought forward into thousand 14. in 2017 qatar made a number of labor law changes ending the exit visa requirement, putting in place a minimum wage of $275 u.s. per month, but the reality is many of those reforms have not been implemented, and tens of thousands of workers continued to be cheated of their wages.

remember that these are some of the world's poorest people. it is a migrant workforce of more than 2 million, and the population of qatar is 300,000. this world cup would not be taking place without the hard labor of these migrant workers in this really deadly heat. paul: after all of the controversy and protest we have seen, do you have any confidence fifa might have social justice in mind when it awards future world cup's? >> fifa has already agreed under pressure from the quite terrible human rights abuses at the world cup in russia in 2018, which included 22 worker deaths, north korean slave labor and anti-lgbt law there as well. under pressure fifa has put in place bidding requirements for

the world cup in 2026, the u.s., canada, and mexico had to have a human right strategy in place even to bid. the world is concerned with the example of the qatar world cup and how fifa is not upheld its own human rights rules that in the future saudi arabia, china, or other countries that have expressed interest in hosting would get to do so but would do so in an atmosphere of really terrible human rights abuses, and that is bad for the sport. yvonne: that brings it issue of sports washing, when you bring up russia, china, both that have their own human rights issues. do you think qatar is driving for that, to may be bring up a to enhance the reputation globally? do you think qatar can succeed in that? >> clearly hosting the world cup

for qatar was designed to uplift its reputation and its soft power in the world but also in the region. and remember during the world cup preparations qatar had a blockade by its neighbors, which was very damaging both to the economy and to ordinary people. sports washing as a concern is actually growing. if you look at events like formula one, the world cup, the olympics, both china and russia hosted the olympics, there was also the domestic audience. it helps them build a domestic audience and appear strong, and for leaders who may not have a democratic mandate to be validated in the world. paul: director of global initiatives at human rights watch, thank you for joining us. more to come on "bloomberg daybreak: asia." this is bloomberg. ♪

yvonne: socks we are watching up for as markets open in hong kong and china, property space and focus. sources saying evergrande has told creditors it plans to present a construction proposal as soon as the first week of december. plenty more to come, waiting for signs of the rrr cut in china. this is bloomberg. ♪